Bitcoin Ticks Up to $64K Following Largest Inflation Slowdown in Six Years

According to the U.S. Bureau of Labor Statistics, on Tuesday, Bitcoin ticked above $64,000 after consumer prices fell 0.4% month-over-month in June, marking the largest monthly decline since April 2020. The decline, which exceeded economists' expectations of a 0.1% drop, bolstered expectations that the Federal Reserve will leave interest rates unchanged at its next policy meeting.

Following the report's release, Bitcoin steadied around $64,300, up 2.3% on the day, according to CoinGecko data. Ethereum posted a stronger 5.4% increase to around $1,890 during the same timeframe. Traders grew more confident that the Fed would hold rates steady at 3.5% to 3.75% later this month, though market expectations still price in a 25-basis-point hike in September.